GOLD
Let’s start today’s analysis with the gold market, where increased volatility could be observed in recent days. Looking at the D1 chart, the price almost reached all-time high at $ 2075, nearly realizing the range of the triangle formation in a textbook manner. However during today's session, a dynamic pullback occured and potential bearish engulfing candlestick pattern may be forming, which usually heralds declines. Considering the bearish scenario, the nearest support is located around $ 1,958 and is marked with lower limit of the 1:1 structure and previous local highs.
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GOLD interval D1. Source: xStation5
OIL.WTI
Let’s move to the WTI (OIL.WTI) chart, where one can see that the war in Ukraine led to spectacular price increases. However, on the H4 timeframe, sellers are trying to break below key short-term support at $ 119.30. According to the Overbalance methodology, if this level is negated, then a deeper correction may occur. It should be noted, however, that the first major support lies nearby - 114.5 - 116.5 zone. Should a break lower occur, buyers should focus on support around 106.30.
OIL.WTI interval H4. Source: xStation5
DE30
Last but not least, let’s take a look at the German DE30 chart. As for the D1 interval, one can observe a solid rebound for the second session in a row. If the upside momentum is maintained, an attack on the resistance zone at 13,800 points cannot be ruled out. This level is marked with an upper limit of the 1:1 structure and earlier price reactions. Should break higher occur, upward move may accelerate towards next resistance marked with 38.2% Fibonacci retracement, or even 15070 pts handle which coincides with 23.6% retracement. On the other hand, if sellers regain control, then another downward move towards recent lows at 12,400 pts may be launched.
DE30 interval D1. Source: xStation5
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